Voice of America, 97-11-07

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From: The Voice of America <gopher://gopher.voa.gov>

CONTENTS

[01] CENTRAL EUROPE "EURO" BY ART CHIMES (PRAGUE)

[02] CONGRESS / BOSNIA (L) BY DAVID SWAN (CAPITOL HILL)

[03] EURO STOCKS (S-ONLY) BY PAUL FRANCUCH (LONDON)

[04] FRIDAY'S EDITORIALS BY ANDREW N. GUTHRIE (WASHINGTON)

[05] NY ECON WRAP (L ONLY) BY JOE CHAPMAN (NEW YORK)

[06] SERBIAN OPPOSITION BY PAMELA TAYLOR (WASHINGTON)

[07] TURKEY / CYPRUS BY AMBERIN ZAMAN (KYRENIA, CYPRUS)

[01] CENTRAL EUROPE "EURO" BY ART CHIMES (PRAGUE)

INTRO: SEVERAL WESTERN EUROPEAN COUNTRIES WILL SOON ADOPT A COMMON CURRENCY CALLED THE "EURO." BUT THE STANDARDS FOR ADMISSION TO THE EUROPEAN MONETARY UNION ARE STRICT, AND NOT ALL CURRENT E-U MEMBERS QUALIFY, LET ALONE ASPIRING MEMBERS FROM THE FORMERLY-COMMUNIST PART OF THE CONTINENT. BUT AS WE HEAR FROM V-O-A CENTRAL EUROPE CORRESPONDENT ART CHIMES, BUSINESS AND FINANCE LEADERS IN THE CZECH REPUBLIC ARE NOT REALLY FOCUSING YET ON TRADING-IN THEIR CZECH "CROWNS" FOR "EUROS."

TEXT: /// BEGIN WITH ACTUALITY -- PRAGUE STREET SOUNDS ///

AFTER DECADES OF ISOLATION IN THE SOVIET SPHERE, THE CZECHS NOW EMPHASIZE THEIR CONNECTIONS WITH THE WEST. THIS I-S CENTRAL EUROPE, THEY INSIST, N-O-T EASTERN EUROPE. AND WHILE THE COUNTRY IS NOT AS PROSPEROUS AS ITS WESTERN NEIGHBORS AND PRIVATIZATION REMAINS INCOMPLETE, RESIDENTS OF THE CZECH REPUBLIC UNDERSTAND THEIR FUTURE PROSPERITY DEPENDS ON BEING PART OF THE WEST.

WHICH IS WHY THE COUNTRY IS EAGER TO JOIN INSTITUTIONS SUCH AS NATO AND THE EUROPEAN UNION. BUT WITH MEMBERSHIP IN THE E-U STILL YEARS OFF, THERE HAS BEEN LITTLE FOCUS ON THE PARTICULARS OF MEMBERSHIP, INCLUDING ADOPTING THE COMMON EUROPEAN CURRENCY, THE EURO.

BORIS GOMEZ, OF "I-N-G BARINGS BANK" IN PRAGUE, SAYS ADOPTING A COMMON EUROPEAN CURRENCY IS NOT YET HIGH ON THE AGENDA IN CZECH FINANCIAL CIRCLES.

I DON'T THINK IT'S RIGHT NOW AN ISSUE ... AND IT'S NOT EVEN BEING DEBATED. I DON'T THINK IT'S AN ISSUE OF PUBLIC DEBATE, I DON'T THINK THE GOVERNMENT IS WORRIED ABOUT IT, I DON'T THINK THE CENTRAL BANK IS REALLY THINKING ABOUT IT RIGHT NOW.

A SPOKESMAN FOR THE CZECH NATIONAL BANK IN PRAGUE (EDS: MARTIN SVEHLA) SAID THAT AS A SMALL COUNTRY THAT NEEDS LINKS TO MORE DEVELOPED COUNTRIES, THE CZECHS HAVE NO CHOICE BUT TO GIVE UP THEIR CURRENCY AND ADOPT THE EURO -- WHEN THE TIME COMES.

FROM A BUSINESS PERSPECTIVE, ONE EXPECTATION OF A COMMON MONEY IS FOR GREATER EFFICIENCY AS COMPANIES WILL HAVE TO DEAL WITH FEWER CURRENCIES. BUT FINANCE VICE PRESIDENT JIRI LUPINEK OF THE IMPORT-EXPORT COMPANY "MOTOKOV," SAYS THE EURO WON'T MAKE ALL THAT MUCH DIFFERENCE.

NOTHING WILL BE CHANGED. IT WILL BE EASIER, AS I SAID, -- WE'LL HAVE, INSTEAD OF SIX OR SEVEN CURRENCIES, JUST ONE CURRENCY. (CHIMES: SO IT WILL SIMPLIFY THINGS?) YEAH, IT WILL BE SIMPLER.

DEALING WITH ONE CURRENCY MAY EVENTUALLY SIMPLIFY INTERNATIONAL TRADE AND TRAVEL, BUT THE TRANSITION COULD BE DIFFICULT. IT'S NEVER BEEN TRIED ON A SCALE LIKE WHAT IS ENVISAGED FOR EUROPE. BUT BY THE TIME THE CZECH REPUBLIC JOINS -- PROBABLY SOME YEARS AFTER THE TURN OF THE CENTURY -- THERE SHOULD BE PLENTY OF EXPERIENCE WITH INTEGRATING NEW ECONOMIES INTO THE EUROPEAN MONETARY UNION. (SIGNED)
NEB/ART/PCF/EH
07-Nov-97 1:33 PM EST (1833 UTC)
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Source: Voice of America

[02] CONGRESS / BOSNIA (L) BY DAVID SWAN (CAPITOL HILL)

INTRO: THE CLINTON ADMINISTRATION HAS ASSURED CONGRESS THERE IS NO CONSENSUS YET ABOUT WHETHER TO KEEP U-S TROOPS IN BOSNIA-HERZEGOVINA BEYOND JUNE, WHEN THE CURRENT ALLIED PEACE MISSION ENDS. V-O-A'S DAVID SWAN HAS DETAILS.

TEXT: THE ADMINISTRATION HAS STRONGLY HINTED IT PLANS TO EXTEND THE DEPLOYMENT IN FORMER YUGOSLAVIA ONCE AGAIN. BUT THE FIRMNESS OF THAT POSITION WAS CALLED INTO QUESTION THIS WEEK, WITH SECRETARY OF STATE ALBRIGHT AND DEFENSE SECRETARY COHEN GIVING CONFLICTING STATEMENTS.

THE CHIEF U-S ENVOY FOR BOSNIA, ROBERT GELBARD, TOLD A HOUSE COMMITTEE (THURSDAY) A FOLLOW-ON PEACE FORCE WILL LIKELY BE NEEDED BUT LITTLE ELSE IS CLEAR.

WE DO BELIEVE THAT THERE IS A DEVELOPING SENSE THAT SOME FORM OF INTERNATIONAL MILITARY PRESENCE WILL BE NEEDED POST-JUNE. BUT NO DECISIONS AT ALL HAVE BEEN MADE ABOUT WHAT FORM THAT SHOULD TAKE OR WHAT THE U-S ROLE SHOULD BE.

THE ADMINISTRATION HAS JUST BEGUN HIGH-LEVEL CONSULTATIONS WITH HOUSE AND SENATE LEADERS ON THE NEXT STEP IN BOSNIA. OFFICIALS HAVE SAID REPEATEDLY IT WILL TAKE A LONG TIME TO FINISH THE WORK THAT STARTED WITH THE DAYTON PEACE ACCORDS. MR. GELBARD ARGUES IT WOULD BE WRONG TO CUT AND RUN -- OR LET BOSNIA BE PARTITIONED INTO SEPARATE ETHNIC STATES.

I FIND THIS LINE OF THINKING SHORT-SIGHTED, DANGEROUS, AND THE IDEA OF PARTITION FUNDAMENTALLY IMMORAL. IT WOULD VALIDATE GENOCIDE.

BUT SOME REPUBLICANS ANGRILY CHARGE THE AMERICANS HAVE ALREADY STAYED IN BOSNIA TOO LONG. EVEN A SYMPATHETIC DEMOCRAT LIKE CALIFORNIA CONGRESSMAN TOM LANTOS URGED THE ADMINISTRATION TO BE MORE CANDID WITH CONGRESS AND THE PUBLIC ABOUT ITS PLANS.

THE AMERICAN PEOPLE ARE ADULT ENOUGH TO FACE UP TO REALITIES. WE HAVE SHOWN THIS THROUGHOUT OUR HISTORY. AND I THINK THE SUGARCOATING OF UNPLEASANT ASSIGNMENTS DEMEANS THE STATURE OF THIS GREAT COUNTRY.

THE HOUSE AND SENATE HAVE ALREADY CLEARED THE WAY FOR THE PRESIDENT TO EXTEND THE MISSION AS LONG AS HE CERTIFIES IT SERVES NATIONAL SECURITY INTERESTS. (SIGNED)
NEB/DS/GKT/MMK
07-Nov-97 3:43 PM EST (2043 UTC)
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Source: Voice of America

[03] EURO STOCKS (S-ONLY) BY PAUL FRANCUCH (LONDON)

INTRO: IN THE WAKE OF STEEP DECLINES EARLIER IN THE DAY ON ASIAN MARKETS, THE MAJOR STOCK MARKETS OF WESTERN EUROPE FOLLOWED COURSE FRIDAY BY CLOSING SHARPLY LOWER. FOR THE NUMBERS, HERE'S PAUL FRANCUCH AT OUR LONDON BUREAU.

TEXT: DECLINES OF BETWEEN TWO AND THREE PERCENT FOR THE DAY WERE COMMON ON THE BIG EUROPEAN BOURSES. THE BIGGEST DECLINE CAME IN FRANKFURT, WHERE THE "DAX 30" STOCK INDEX POSTED A LOSS OF 124 POINTS. THE DECLINE ON THE "CAC 40" INDEX OF FRENCH STOCKS WAS ALMOST AS DRAMATIC IN PARIS. THAT INDEX CLOSED OFF BY 82 POINTS. HERE IN LONDON, THE KEY MARKET BAROMETER -- THE "FINANCIAL TIMES" 100 INDEX -- WAS OFF JUST UNDER 100 POINTS AT THE CLOSE FRIDAY.

IN CURRENCY TRADING, THE U-S DOLLAR WAS OFF NEARLY A PFENNIG AGAINST THE GERMAN MARK, BUT UP A FRACTION OF A CENT AGAINST THE BRITISH POUND.

GOLD IN LONDON DECLINED BY THREE-DOLLARS-70 CENTS. THE CLOSING FIX PRICE WAS PUT AT 308-DOLLARS-65 CENTS AN OUNCE. (SIGNED)
NEB/PCF/RRM
07-Nov-97 1:46 PM EST (1846 UTC)
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Source: Voice of America

[04] FRIDAY'S EDITORIALS BY ANDREW N. GUTHRIE (WASHINGTON)

INTRO: A WIDE RANGE OF ITEMS HAS CAUGHT THE ATTENTION OF THE NATION'S EDITORIAL WRITERS THIS FRIDAY IN EARLY NOVEMBER, AND THE BIG HOUSE VOTE ON "FAST-TRACK" TRADE NEGOTIATION IS AMONG THEM. ALSO BEING DEBATES ARE THE NOMINATION OF BILL LANN LEE TO HEAD THE JUSTICE DEPARTMENT'S CIVIL RIGHTS OFFICE; THE LATEST CONFLICT WITH IRAQ; REFORMING THE INTERNAL REVENUE SERVICE AND STILL ASSESSING THE U-S CHINA SUMMIT.

NOW WELCOME __________________WITH A CLOSER LOOK, AND SOME QUOTES IN TODAY'S U-S EDITORIAL DIGEST.

TEXT: THE HOUSE OF REPRESENTATIVES VOTES TODAY ON GIVING PRESIDENT CLINTON WHAT MOST OTHER RECENT PRESIDENTS HAVE HAD, FAST TRACK AUTHORIZATION TO NEGOTIATE TRADE DEALS, WHICH CONGRESS THEN VOTES TO APPROVE OR DISAPPROVE WITHOUT AMENDMENTS. "THE MIAMI HERALD" SAYS TODAY'S VOTE IS CRITICAL. [EDITORS NOTE: SERVICES SHOULD BE AWARE OF THE VOTE, AND, IF AIRING THIS AFTER IT, INSERT WORDING ACCORDINGLY, TO ACKNOWLEDGE THAT THESE EDITORIALS WERE WRITTEN BEFORE THE MEASURE PASSED OR FAILED.]

VOICE: "THE LAST-MINUTE SCRAMBLING ON CAPITOL HILL IS NOT A PRETTY SIGHT. BUT THEN, NEITHER IS IT UNUSUAL. WHEN THE STAKES ARE HIGH, IT CAN TAKE AN ABSOLUTE DEADLINE TO FORCE LAWMAKERS TO DECISIVE ACTION. THAT'S THE SITUATION TODAY AS THE PRESIDENT, CONGRESS, BIG LABOR, AND BIG BUSINESS FIGHT FURIOUSLY TO EITHER PASS OR DERAIL FAST-TRACK LEGISLATION BEFORE CONGRESS ADJOURNS FOR THE YEAR. AT STAKE IS THIS NATION'S ABILITY TO BE A FULL PLAYER IN THE EVOLVING GLOBAL ECONOMY, ESPECIALLY IN LATIN AMERICA. ..... IT'S IMPORTANT TO REMEMBER THAT FAST-TRACK IS A PROCESS, NOT AN END PRODUCT. CONGRESS, LABOR UNIONS, AND OTHERS WILL HAVE AMPLE OPPORTUNITY TO BE HEARD ...."

TEXT: TODAY'S " PORTLAND PRESS HERALD" RUNS THIS HEADLINE ABOVE ITS EDITORIAL:"FAST-TRACK AUTHORITY IS IN THE INTEREST OF MAINE."

VOICE: "THE PRESIDENT NEEDS SUCH AUTHORITY TO NEGOTIATE NEW AGREEMENTS SUCH AS CREATION OF A FREE TRADE AREA OF THE AMERICA. REPRESENTATIVES TOM ALLEN AND JOHN BALDACCI SHOULD RECONSIDER THEIR OPPOSITION TO THE AUTHORITY AND JOIN SENATOR [SUSAN] COLLINS IN VOTING TO PLACE THIS ATLANTIC RIM STATE ON THE SIDE OF FREE TRADE. ..... IF FAST-TRACK AUTHORITY FAILS, AS DAVID BRODER, THE COLUMNIST, WROTE THIS WEEK, .... IT WOULD SIGNAL RETREAT BY THE UNITED STATES FROM ITS LEADERSHIP ROLE FOR A MORE OPEN INTERNATIONAL MARKETPLACE AND ... COULD SET OFF SERIOUS TRADE WARS.'"

TEXT: TURNING TO YET ANOTHER CONGRESSIONAL FIGHT, THAT OF APPROVING OR DISAPPROVING PRESIDENT CLINTON'S NOMINEE BILL LEE TO HEAD THE CIVIL RIGHTS OFFICE OF THE JUSTICE DEPARTMENT, "THE PHILADELPHIA INQUIRER" WANTS THE SENATE TO "PUT POLITICS ASIDE."

VOICE: "THE NOMINATION OF A QUALIFIED CANDIDATE FOR THE NATION'S TOP CIVIL RIGHTS JOB - - A POST VACANT FOR NEARLY A YEAR - - IS HANGING FIRE [UNDECIDED]. NO ONE QUESTIONS BILL LANN LEE'S PROFESSIONAL COMPETENCE, NOR ALLEGED ANY UNETHICAL BEHAVIOR. RATHER, IN THE EYES OF SENATE JUDICIARY COMMITTEE CHAIR ORRIN HATCH, REPUBLICAN OF UTAH, MR. LEE HAS DISQUALIFIED HIMSELF ... BY BELIEVING THAT THERE'S STILL A ROLE IN AMERICA FOR AFFIRMATIVE ACTION. ..... SENSIBLE REPUBLICANS ON THE COMMITTEE - - PENNSYLVANIA'S ARLEN SPECTER CHIEF AMONG THEM - - SHOULD JOIN WITH DEMOCRATS TO THWART THIS MISCHIEF AND CLEAR MR. LEE'S NOMINATION FOR A VOTE ON THE SENATE FLOOR."

TEXT: "THE BOSTON GLOBE" CALLS THE PROCEEDINGS "AN UNFAIR FIGHT" [OPT] AND SAYS:

VOICE: "SENATE REPUBLICANS ARE SENDING A DANGEROUS MESSAGE THIS WEEK: WE LOATHE AFFIRMATIVE ACTION SO MUCH THAT WE'RE GOING TO SACRIFICE BILL LANN LEE'S NOMINATION ..... THIS IS A MISGUIDED STRATEGY, SPEARHEADED BY SENATOR ... HATCH ... TO TAR [BLAME] LEE NOT FOR HIS ACTIONS BUT FOR HIS BELIEFS. THE SENATORS SEEM TO FORGET THAT .... PUSHING THE IDEA THAT THE UNITED STATES MUST DISMANTLE RACIAL DISCRIMINATION IS BOTH SOUND AND, SADLY, STILL VERY NECESSARY ....."

TEXT: AS FOR THE MIDDLE EAST, "THE NEW YORK TIMES" IS ANGRY THAT WHILE THE UNITED NATIONS DEBATES WHAT TO DO ABOUT SADDAM HUSSEIN'S BARRING OF ITS WEAPONS INSPECTION TEAMS, HIS GOVERNMENT IS PLAYING TRICKS.

VOICE: "WHILE SECRETARY GENERAL KOFI ANNAN'S EMISSARIES ARE PETITIONING SADDAM HUSSEIN TO LIFT HIS BAN ON AMERICANS PARTICIPATING ON UNITED NATIONS ARMS INSPECTION TEAMS, IRAQ HAS BEEN DISABLING SURVEILLANCE CAMERAS AND MOVING SUSPICIOUS MATERIALS AND EQUIPMENT OUT OF THE INSPECTORS' VIEW. THIS NEW INTERFERENCE COULD MASK AN EFFORT TO PRODUCE BIOLOGICAL WEAPONS ON THE SLY AND WILL UNDERMINE THE LONGTERM CREDIBILITY OF THE ARMS AND MONITORING EFFORT. ..... THE UNITED STATES MUST BEGIN LINING UP SUPPORT FOR FIRMER STEPS UNLESS U-N INSPECTORS ARE GUARANTEED UNFETTERED ACCESS TO ALL IRAQI WEAPONS-RELATED SITES AND LABORATORIES."

TEXT: ON LONG ISLAND, NEWSDAY IS EVEN MORE BLUNT WITH THIS EDITORIALS HEADLINE: "SADDAM HUSSEIN UNDERSTANDS ONLY FORCE; THE UNITED STATES MAY HAVE TO USE IT." [OPT] MEANWHILE, ANOTHER MIDDLE EAST DESPOT, LIBYA'S MOAMMAR GADHAFI COMES IN FOR SOME WRATH FROM "THE WASHINGTON TIMES," FOR WHAT THE PAPER SAYS ARE THE GAMES HE IS PLAYING WITH THE ALLEGED BOMBERS OF PAN AM FLIGHT 103 THAT KILLED 270 PEOPLE IN 1988.

VOICE: ".... THE LIBYAN DICTATOR, HAS ..... BEEN HARBORING THE TWO MEN FOR SIX YEARS SINCE THEY WERE INDICTED AND REFUSES TO RELEASE THEM TO FACE A TRIAL UNTIL ** HIS** [ITALICS FOR EMPHASIS] CONDITIONS ARE MET. ONE OF THOSE CONDITIONS IS THAT THE TRIAL NOT BE HELD IN SCOTLAND, BUT RATHER IN A 'NEUTRAL' PLACE SUCH AS THE HAGUE, WHERE THE INTERNATIONAL COURT OF JUSTICE MEETS. NOW, MR. GADHAFI HAS A NEW CHAMPION IN SOUTH AFRICAN PRESIDENT NELSON MANDELA. ...SOME QUESTIONS: WHY IS MR. MANDELA DOZING UP TO [BEFRIENDING] A TERRORIST-SPONSORING THUG LIKE MR. GADHAFI? WHY IS ANYONE LISTENING TO MR. GADHAFI'S PROPOSALS? ISN'T [IT] POSSIBLE THAT MR. GADHAFI, WHO HAS A LONG HISTORY OF AIDING AND ABETTING TERRORISTS, IS NOT TO BE TRUSTED?"

TEXT: IN MINNESOTA, "THE MINNEAPOLIS STAR TRIBUNE" HAS WEIGHED THE CHINA-U-S SUMMIT AND MR. JIANG'S VISIT, AND SUGGESTS THAT THOSE LOOKING FOR DRAMATIC ACCOMPLISHMENTS WHICH DID NOT HAPPEN, MAY BE OVERLOOKING SOMETHING MORE IMPORTANT THAT DID.

VOICE: "... THESE ARE NOT THE HEADY DAYS OF THE FIRST HIGH-LEVEL CONTACT AND THE NORMALIZATION OF RELATIONS. NOWADAYS, PROGRESS BETWEEN THE UNITED STATES AND CHINA IS GRADUAL, A FACT MANY AMERICANS SEEM SLOW TO GRASP. AND IT IS BY EMBRACING GRADUAL CHANGE, RATHER THAN PUSHING FOR INSTANT SUCCESS, THAT THE UNITED STATES IS LIKELY TO DO THE MOST GOOD. ..... [PRESIDENT] JIANG'S AMERICAN SOJOURN ... WILL HAVE A LASTING EFFECT .... FOR ONE THING, CHINA'S LEADERS LONG HAVE NEEDED TO BECOME MORE TOLERANT OF WHAT THEY SEE AS INTERFERENCE IN THEIR INTERNAL AFFAIRS. WHETHER THE ISSUE IS TAIWAN, OR HONG KONG, OR TIBET, OR INTERNAL DISSENT, CRITICISM FROM ABROAD HAS TENDED TO TRIGGER A REFLEXIVELY HOSTILE AND DEFENSIVE RESPONSE. ...[BUT ON THIS VISIT,] [MR.] JIANG [OPT] TOOK MOST OF THESE CHALLENGES IN STRIKE, EVEN OFFERING WHAT APPEARED TO BE AN EXTRAORDINARY ADMISSION OF MISTAKES IN THE TIANANMEN CATASTROPHE. ..... HE [END OPT] SEEMED WILLING TO MEET HIS CRITICS IN A WAY THAT SUGGESTED HE DID NOT TAKE THEIR ATTACKS PERSONALLY. IF TRUE, HE IS A NEW BREED OF CHINESE LEADER."

TEXT: DOMESTICALLY, THERE IS MORE COMMENT ON REFORMING THE INTERNAL REVENUE SYSTEM, ON WHICH CONGRESS HAS JUST VOTED. SAYS "THE ATLANTA CONSTITUTION" "DON'T REPLACE THE I-R-S - - REPAIR IT."

VOICE: "HOW LUDICROUS IT IS FOR MEMBERS OF CONGRESS TO PRATTLE ON ABOUT CONTAINING THE ANNUAL MARAUDINGS OF THE DREADED INTERNAL REVENUE SERV ICE. IF THE I-R-S IS A MONSTER, AS THEY SAY, THEN IT IS LARGELY OF THEIR OWN MAKING. THEY WERE THE ONES WHO WROTE THE VOLUMINOUS TAX CODE, WITH ITS LOOPHOLES AND CONVOLUTED CALCULATIONS. .... REVAMPING THE I-R-S IS ONE THING. DOING AWAY WITH IT IS QUITE ANOTHER. .... THE SYSTEM WE HAVE MAY BE SERIOUSLY FLAWED, BUT WE MUST TAKE CARE NOT TO GRAB IMPULSIVELY FOR ONE THAT COULD BE WORSE."

TEXT: ON THAT NOTE WE CONCLUDE THIS BRIEF SAMPLING OF COMMENTS FROM THE EDITORIAL PAGES OF FRIDAY'S U-S PRESS.
NEB/ANG/EH
07-Nov-97 10:30 AM EST (1530 UTC)
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Source: Voice of America

[05] NY ECON WRAP (L ONLY) BY JOE CHAPMAN (NEW YORK)

INTRO: STOCK PRICES IN NEW YORK CLOSED LOWER TODAY (FRIDAY) IN THE WAKE OF ASIAN MARKET TURMOIL. V-O-A'S JOE CHAPMAN REPORTS FROM NEW YORK.

TEXT: THE DOW JONES INDUSTRIAL AVERAGE CLOSED DOWN 102POINTS AT 75-HUNDRED-81 WHILE THE BROADER AND MORE REPRESENTATIVE S-AND-P 500 CLOSED OFF 11 POINTS AT 927. FOR THE WEEK THE DOW JONES INDUSTRIALS WERE UP 139 POINTS.

THE BIGGEST LOSERS WERE HIGH TECHNOLOGY STOCKS AND FIRMS WITH AN EXPOSURE TO ASIAN ECONOMIC PROBLEMS. ANALYST CRAIG COATES SAYS INVESTORS ALSO CONTINUE TO DRIVE DOWN PRICES OF COMPANIES WHOSE EARNINGS DO NOT MEET FORECASTS.

I THINK WHEN YOU HAVE AN EVAPORATION OF MARKET CAP(ITALIZATION) THAT TAKES SUCH EXTREMES, I THINK THAT IS SENDING THE MESSAGE THAT THE MARKET IS GOING TO BE VERY, VERY QUICK TO REACT AND THAT THEY ARE GOING TO PUNISH THOSE WHO DO NOT MEET EXPECTATIONS.

THE STOCK MARKET SEEMED TO IGNORE A GOVERNMENT REPORT THAT THE NUMBER OF UNEMPLOYED AMERICANS IS FOUR-POINT-TWO PERCENT OF THE WORK FORCE, THE LOWEST FIGURE SINCE 1973.

SOME ANALYSTS ARE APPREHENSIVE THE REPORT MAY ENCOURAGE AN INTEREST RATE BOOST NEXT WEEK BY THE U-S CENTRAL BANK. OVERALL, ANALYST SAY SELLING PRESSURE WAS RESTRAINED AND SELECTIVE. THE BIGGEST PRICE DECLINES HIT COMPANIES WHICH EARN A SIGNIFICANT PERCENTAGE OF THEIR REVENUES IN SOUTH KOREA, INDONESIA AND MALAYSIA. ANALYST LIAM DALTON SAYS THE JAPANESE CURRENCY MAY COME UNDER PRESSURE BECAUSE OF THE ASIAN ECONOMIC PROBLEMS.

IF YOU LOOK AT WHAT MIGHT BE GOING ON IN JAPAN, FOR EXAMPLE, WITH 40 PERCENT OR SO OF THEIR MARKETS CONCENTRATED IN SOUTHEAST ASIA, IF SOUTHEAST ASIA IS GOING TO HAVE A PROBLEM THEN THE YEN IS PROBABLY NOT GOING TO STAY IN THE LOW 120S, BUT MAYBE MOVE TOWARD 130.

ANALYSTS ARE CONCERNED ABOUT THE VALUATION OF OTHER CURRENCIES, INCLUDING BRAZIL'S, AND THAT HELPED PUSH SOME STOCKS DOWN. (SIGNED) NEB/NY/JMC/LSF/PT
07-Nov-97 5:14 PM EST (2214 UTC)
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Source: Voice of America

[06] SERBIAN OPPOSITION BY PAMELA TAYLOR (WASHINGTON)

INTRO: THE SERBIAN OPPOSITION LEADER WIDELY RECOGNIZED AS THE MOST DEMOCRATIC, HAS GIVEN A GLOOMY ASSESSMENT OF THE CHANCES FOR CHANGE IN HER COUNTRY. VESNA PESIC OF THE SERB CIVIC ALLIANCE IS IN THE UNITED STATES TO ACCEPT A DEMOCRACY AWARD AND TO BRIEF CONGRESSIONAL OFFICIALS ABOUT THE SITUATION LEADING UP TO SERBIA'S NEXT ELECTION ROUND ON DECEMBER SEVENTH. V-O-A'S PAMELA TAYLOR SPOKE WITH MS. PESIC AND HAS THIS REPORT:

TEXT: SERBIA'S PRESIDENTIAL AND PARLIAMENTARY ELECTIONS IN SEPTEMBER AND THE RUN-OFF IN OCTOBER YIELDED NO CANDIDATE WITH ENOUGH OF A MAJORITY TO FORM A NEW GOVERNMENT. ACCORDING TO SERBIAN ELECTION RULES, ANOTHER ELECTION MUST BE HELD IN DECEMBER. BUT VESNA PESIC SAYS SERBS ARE EXHAUSTED AND CYNICAL ABOUT THE WHOLE ELECTION PROCESS.

THE ELECTIONS DON'T RESOLVE ANY OF THESE PROBLEMS, SO PEOPLE DON'T BELIEVE IN ELECTIONS ANYMORE. I THINK THEY'RE ALSO TIRED, GOING EVERY TWO MONTHS FOR ELECTIONS WITHOUT ANY PERSPECTIVE THAT THEIR FUTURE WILL BE IN BETTER HANDS.

VESNA PESIC SAYS THIS CYNICISM EXTENDS TO SERBIA'S OPPOSITION, WHICH HAS COMPLETELY FRACTURED SINCE IT LED THOUSANDS OF DEMONSTRATORS THROUGH THE STREETS OF BELGRADE IN ANTI MILOSEVIC DEMONSTRATIONS EARLIER THIS YEAR.

THE SERB CIVIC ALLIANCE JOINED AN OPPOSITION ELECTION BOYCOTT IN SEPTEMBER TO PROTEST UNFAIR ELECTION LAWS. THE RESULT WAS THAT PRESIDENT SLOBODAN MILOSEVIC'S HANDPICKED CANDIDATE CAME IN FIRST, WITH EXTREME NATIONALIST VOISLAV SESEJL A CLOSE SECOND. ONE TIME OPPOSITION COALITION LEADER VUK DRASKOVIC CAME IN THIRD. ALTHOUGH MR. DRASKOVIC HAS DECIDED TO RUN AGAIN IN DECEMBER, MS. PESIC BELIEVES HE WILL NOT GET MUCH SUPPORT:

I WAS SURPRISED THAT AFTER HE WAS DEFEATED IN THE SEPTEMBER ELECTION, HE IS NOW GOING TO THE DECEMBER ELECTIONS, BUT I DO NOT THINK HE HAS A CHANCE. BESIDES THAT, RECENTLY HE BEHAVED IN A VERY AUTOCRATIC WAY, EVEN DESTROYING HIS OWN PARTY, THROWING OUT PEOPLE WHO DISAGREE WITH HIM. AND IN SERBIA WE ARE A LITTLE SICK OF THESE KINDS OF AUTHORITARIAN PERSONALITIES.

NEVERTHELESS, THE CHOICE IN DECEMBER PITS VARIOUS AUTHORITARIAN FIGURES AGAINST EACH OTHER. APART FROM MR. DRASKOVIC, PRESIDENT MILOSEVIC HAS AGAIN PUT FORTH A PROTEGE (MILAN MILUTINOVIC). THE NUMBER TWO CANDIDATE, RADICAL LEADER VOISLAV SESEJL, IS BELIEVED TO HAVE WIDE SUPPORT IN THE COUNTRYSIDE. VESNA PESIC SAYS THIS IS BECAUSE EXTREME NATIONALISM STILL HAS A STRONG HOLD ON SERBIA. SHE HOPES THE RECENT, UNAPOLOGIC CONFESSION BY A FORMER PARAMILITARY MEMBER WHO ADMITTED KILLING ABOUT 80 CROAT AND MUSLIM CIVILIANS WILL PROMPT MORE SERBS TO EXAMINE WHERE SUCH NATIONALISM LEADS.

WE NEVER HAD ANYONE CONFESS SUCH A THING, AND I'M HAPPY THAT HE SAID THAT. WHEN PEOPLE SAY THEY DID SOMETHING LIKE THAT, I ALWAYS THINK THEY HAVE A BAD CONSCIENCE ABOUT WHAT THEY DID. WE'VE NEVER HAD ANY PUBLIC DISCUSSION ABOUT WAR CRIMES AND ABOUT WHAT HAPPENED DURING THIS WAR IN BOSNIA AND CROATIA. EXTREME NATIONALISM IN SERBIA HAS NOT BEEN DEFEATED, REALLY.

THE ONLY HOPE FOR SERBIA, SAYS MS. PESIC, IS THAT THE DECEMBER ELECTIONS WILL ALSO FAIL TO ACHIEVE THE 50 PERCENT TURNOUT DEMANDED BY SERBIAN LAW, AND THAT THERE WILL THEN BE DEMANDS TO CHANGE THE COUNTRY'S ELECTION LAWS. (SIGNED)
NEB/PAM/MMK
07-Nov-97 12:32 PM EST (1732 UTC)
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Source: Voice of America

[07] TURKEY / CYPRUS BY AMBERIN ZAMAN (KYRENIA, CYPRUS)

INTRO: PRESIDENT CLINTON'S SPECIAL MEDIATOR FOR CYPRUS, RICHARD HOLBROOKE, TRAVELS MONDAY TO THE DIVIDED MEDITERRANEAN ISLAND FOR THE FIRST TIME SINCE ASSUMING HIS NEW JOB. AS AMBERIN ZAMAN REPORTS FROM TURKISH-CONTROLLED NORTHERN CYPRUS, DIFFERENCES BETWEEN THE GREEK CYPRIOTS AND THE TURKISH MINORITY ON THE ISLAND REMAIN AS DEEPLY ENTRENCHED AS EVER.

TEXT: ///BEGIN WITH SOUND OF SOLDIERS MARCHING ... AND UNDER///

THE SOUND OF TURKISH SOLDIERS MARCHING IS THE SOUND OF SECURITY FOR SOME 180-THOUSAND TURKISH CYPRIOTS LIVING ON THIS MEDITERRANEAN ISLAND. AN ESTIMATED 30-THOUSAND TURKISH TROOPS HAVE BEEN STATIONED HERE EVER SINCE TURKEY INTERVENED IN CYPRUS IN 1974 AFTER CYPRIOT GREEK NATIONALISTS TRIED TO STAGE A COUP AND JOIN THE ISLAND WITH MAINLAND GREECE. THE NORTHERN THIRD OF THE ISLAND HAS REMAINED UNDER TURKISH CONTROL EVER SINCE, RESULTING IN THE DE FACTO PARTITIONING OF THE ISLAND.

DECADES OF UNITED NATIONS-SPONSORED PEACE TALKS AIMED AT RE- UNITING THE ISLAND IN A BI-COMMUNAL, BI-ZONAL FEDERATION HAVE FAILED. IF ANYTHING, TENSIONS ARE MOUNTING BETWEEN THE TWO SIDES AS THE GREEK CYPRIOTS CONTINUE TO BUILD UP THEIR MILITARY ARSENAL. TENSIONS PEAKED EARLIER THIS YEAR AFTER THE GREEK CYPRIOT ADMINISTRATION ANNOUNCED THE PURCHASE OF RUSSIAN-MADE ANTI-AIRCRAFT MISSILES. TURKEY SAYS IT WILL DESTROY THE MISSILES IF AND WHEN THEY ARE DEPLOYED.

TURKISH DEFENSE MINISTER ISMET SEZGIN WAS IN TURKISH-CONTROLLED NORTHERN CYPRUS THIS PAST WEEK TO OBSERVE JOINT MILITARY EXERCISES BETWEEN TURKEY AND THE TURKISH CYPRIOTS.

ONE OF THE MANEUVERS INCLUDED IN THE EXERCISES WAS THE DESTRUCTION OF MOCK RUSSIAN SURFACE-TO-AIR MISSILES BY TURKISH FIGHTER JETS.

TURKISH DEFENSE MINISTER SEZGIN STRONGLY EMPHASIZED TURKEY'S CONTINUING DETERMINATION TO PROTECT THE TURKISH CYPRIOTS AND ACCUSED GREECE AND THE GREEK CYPRIOTS OF WAR-MONGERING.

THE GREEKS -- IN TURN -- SAY IT IS TURKEY THAT IS SEEKING TO PROVOKE A CONFLICT. THE GREEKS INSIST THAT SO LONG AS TURKISH TROOPS REMAIN ON THE ISLAND, PEACE WILL REMAIN AN UNATTAINABLE GOAL.

AS THE WAR OF WORDS BETWEEN TURKEY AND GREECE CONTINUES TO ESCALATE, DIPLOMATIC OBSERVERS SAY ONE OF THE PRIMARY AIMS OF AMBASSADOR HOLBROOKE'S MISSION WILL BE TO HEAD OFF A POTENTIAL CLASH BETWEEN THE TWO NATO MEMBERS.

BUT MANY TURKISH CYPRIOT OFFICIALS EXPRESS SKEPTICISM OVER THE UNITED STATES' ABILITY TO BROKER A LASTING SOLUTION. SOME EVEN SPECULATE THAT THE UNITED STATES IS, IN THEIR WORDS, "STOKING TENSIONS" BETWEEN THE TWO SIDES. SERDAR DENKTASH IS DEPUTY PRIME MINISTER OF THE SELF-DECLARED TURKISH REPUBLIC OF NORTHERN CYPRUS. HE IS ALSO THE SON OF THE VETERAN TURKISH CYPRIOT LEADER RAUF DENTKASH, WHO HAS BEEN REPRESENTING THE TURKISH CYPRIOTS FOR MORE THAN THREE DECADES.

THE DISTRUST FELT BY TURKEY AND THE TURKISH CYPRIOTS TOWARD WESTERN GOVERNMENTS HAS BEEN HEIGHTENED BY THE EUROPEAN UNION'S DECISION ANNOUNCED EARLIER THIS YEAR TO OPEN MEMBERSHIP TALKS WITH THE GREEK CYPRIOTS. BOTH TURKEY AND THE TURKISH CYPRIOTS ARGUE THAT CYPRUS CANNOT LEGALLY JOIN THE EUROPEAN UNION BEFORE A SETTLEMENT IS REACHED BETWEEN THE TWO COMMUNITIES ON THE ISLAND.

NO ONE CAN EXPECT ... THE TURKISH CYPRIOTS TO TELL TO TURKEY -- (OUR) GUARANTOR FOR THE LAST 40, 50 YEARS -- "SORRY GUYS, THANK YOU FOR WHAT YOU HAVE DONE FOR US FOR ALL THESE YEARS, BUT NOW IT'S TIME FOR US TO UNITE WITH THE EUROPEAN UNION. BYE." THIS, IS NOT (OUR) ATTITUDE. MORALLY WE CANNOT ACCEPT THIS.

POLITICAL OBSERVERS SAY MR. DENKTASH'S VIEWS REFLECT WHAT THEY DESCRIBE AS THE EUROPEAN UNION'S DEEPENING INVOLVEMENT IN THE CYPRUS ISSUE. MANY BELIEVE THAT IF THE EUROPEAN UNION HOLDS OUT THE PROSPECT OF FULL MEMBERSHIP TO TURKEY, THEN TURKEY WOULD AGREE TO CONCESSIONS ON CYPRUS -- BUT ONLY SO LONG AS SUCH CONCESSIONS DO NOT COMPROMISE THE SECURITY OF THE TURKISH CYPRIOT COMMUNITY. (SIGNED)
NEB/AZ/PCF/RRM
07-Nov-97 12:29 PM EST (1729 UTC)
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Source: Voice of America

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